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Italian borrowing costs soar at bond auction
Sentiment sours toward euro zone’s third largest member
By Emese Bartha
LONDON (MarketWatch) — The Italian government’s borrowing costs soared at a bond auction Thursday, a development that will make it more difficult for Prime Minister Mario Monti to avoid having to seek financial help from other euro-zone members.
What causes us to limit ourselves, limit our beliefs? Do "limitation" or "resistance" actually even exist? Or are they just words that we use to comfort ourselves when it we will not do the things that we know we should? Do those words keep us confined, or even feeling justified? "Of course that cannot be done, it's obvious, everyone knows it..."
Meanwhile, the results obtained having nothing to do with limitation.
I sat and watched as they sold the top over and over, ignoring the fact that ES was unstoppable, ignoring the fact that each return to the bottom was slightly higher, each retrace acting convincing but getting nowhere...
I was not really wanting to take another trade, and was prepared to bail quick, 6-8 ticks even, but sitting here doing other work it just seemed so glaring they were about to run over the top...
Maybe that is weakness, thinking I know things sometimes. Ironic, since what upset me yesterday was that I felt I knew to go long in the 82.20 area, but had no confidence at all, and mised possibly my best personal trade of the week, or month even. I thought I knew than, and did not act. And it was upsetting enough to me to chunk away at those tiny revenge trades until I have given it back, not mad that I was down, I was up $3900+/-, it was that I did not listen to myself that had me, and then all it took was a 60 tick hit and my fate was sealed for the day. Had we see a runaway market, I might have been up double, but that I know longer felt I really knew, I no longer really thought anything. I fel into a trance of motion and indicators and thinking just because something happened before it will happen again.
The small posts leading up to yesterday's long trade were exactly the type of thoughts that I have when great trade sets up and I am analyzing it. After that, nothing, just clicking a mouse, hoping, wanting to rewind the clock and get that earlier trade back and making a very poor attempt at it.
So yes, I was "done" today. But I saw something that had all the same things, but a completely different trade and setup. What I saw was myself going through step by step what was happening, not interested in trading, scared to take the trade even. Until I decided, "yes".
If I would do that every single trade, wait for the start to alighn perfectly, I would still have losses, but my trading would be far better, my losses far less, my wins far more rewarding.
I removed the background color and the black/white bars today due to the channel pattern that was noted this morning. They get distracting on this type of trading day.